Iron ore prices for June 18, 2020:
Chinese data remains terrible outside of empty apartments:
I still expect the Brazilian pandemic to get much worse:
Here’s the latest Chinese steel inventory chart:
30mt in June is insane. It should be 10mt lower. That said, the glut has slightly diminished in seasonally adjusted terms and I don’t think it matters anyway. Mills have been behaving like policy organs through the crisis.
If I am wrong then we will find out in the next two weeks. Mills generally destock excess inventory into EOFY to balance the books.